US Tax Update: still awaiting details from the Senate

Analysts at Nomura explained that the Senate Finance Committee has so far released only top-line talking points on its tax reform bill; details could be released at any time.

Key Quotes:

"Even with only the top-line talking points, the Senate tax plan differs from the House version in a number of material ways which we describe below."

"Separately, the House Ways & Means Committee voted the House tax reform bill out of committee, setting the stage for a full House floor vote next week. Overall, Congressional Republicans have maintained their timeline and momentum so far in this process."

"Nonetheless, passing complex and controversial legislation in the Senate will remain challenging, and we continue to assign a 60% probability of a simple tax package passing in Q1, a 20% likelihood of full-scale reform (similar to what the House and Senate are currently proposing) and a 20% likelihood of no tax package passing at all."